Unlike other states in the United States, the procedure of filing bankruptcy is little different. In fact, the bankruptcy code defined in the federal laws is same in all the states, but like every other state, the laws and applications as interpreted by Alaska bankruptcy laws are slightly different. The main difference of course lies in the properties that are allowed for exemptions by various states.
Important Points Regarding The Alaska Bankruptcy Laws
Following are the properties that are exempted under the Alaska bankruptcy laws.
•Residential properties up to fifty four thousand dollars. Even if the properties have more than one owner, they are exempted but such exemptions are subject to certain liens.
•Insurance policies that are exempted include the following benefits.
◦All kinds of disability benefits irrespective of its value in dollars
◦Fraternal and society benefits are also exempted up to any value
◦Contract loan or Life insurance annuity up to the value of ten thousand dollars.
◦Full value of the life insurance benefits, but in order to qualify for the same, the debtor in this case must be spouse or child of the person insured.
•All kinds of medical and health benefits are also exempted to its full value.
•Pension funds up to full value are exempted for the following individuals.
◦Teachers
◦Public employees
◦Judicial employees
◦Other pension funds that are exempted include those ERISA qualified benefits that have been deposited four months or more before filing court petition for bankruptcy.
•Exempted personal properties include everything, including books, clothing, family pictures etc, but only up to the value of three thousand dollars as a whole.
•One car or any other vehicle up to the value of three thousand dollars.
•Jewelry up to the value of one thousand dollars
•Tools of trade up to the value of twenty eight hundred dollars.